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Straighterline Business Stats Exam Questions and Answers 2024/2025( A+ GRADED 100% VERIFIED).
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Straighterline Business Stats Exam Questions and Answers 2024/2025( A+ GRADED 100% VERIFIED).
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Straighterline Business StatsA marketing class of 50 students evaluated the instructor using the following scale: superior,
good, average, poor, and inferior. The descriptive summary showed the following survey results:
2% superior, 8% good, 45% average, 45% poor, and 0% inferior. - ANS Most students rated the
instructor as poor or average.
The general process of gathering, organizing, summarizing, analyzing, and interpreting data is
called ____________. - ANS Statistics
The main purpose of descriptive statistics is to: - ANS Summarize data in a useful and
informative manner.
An example of a qualitative variable is _________________. - ANS Color of ink in a pen
The reported unemployment is 5.5% of the population. What measurement scale is used to
measure unemployment? - ANS interval or ratio
What level of measurement is the Centigrade temperature scale? - ANS interval
A group of women tried five brands of fingernail polish and ranked them according to
preference. What level of measurement is this? - ANS ordinal
The incomes of 50 loan applicants are obtained. Which level of measurement is income? - ANS
ratio
The members of each basketball team wear numbers on their jerseys. What scale of
measurement are these numbers considered? - ANS nominal
Respondents were asked, "Do you now earn more than or less than you did five years ago?"
What is this level of measurement? - ANS ordinal
What type of variable is the number of gallons of gasoline pumped by a filling station during a
day? - ANS Continuous
A portion or part of a population is called a - ANS sample
The mean, as a measure of central location, would be inappropriate for which one of the
following? - ANS Marital status of college students at a particular university
, A bottling company offers three kinds of delivery service: instant, same day, and within five
days. The profit per delivery varies according to the kind of delivery. The profit for an instant
delivery is less than the other kinds because the driver has to go directly to a grocery store with
a small load and return to the bottling plant. To find out what effect each type of delivery has on
the profit picture, the company summarized the data in the following table based on deliveries
for the previous quarter.
What is the weighted mean profit per delivery? - ANS $97
The times (in minutes) that several underwriters took to review applications for similar insurance
coverage are 50, 230, 52, and 57. What is the median length of time required to review an
application? - ANS 54.4
A survey item asked students to indicate their class in college: freshman, sophomore, junior, or
senior. Which measure(s) of central location would be appropriate for the data generated by that
questionnaire item? - ANS mode and median
On a finance exam, 15 accounting majors had an average grade of 90. On the same exam, 7
marketing majors averaged 85, and 10 finance majors averaged 93. What is the weighted mean
for all 32 students taking the exam? - ANS 89.84
For a data set with an odd number of observations that have been sorted from smallest to
largest values, where is the median located? - ANS (n + 1)/2
Assume a student received the following grades for the semester: History, B; Statistics, A;
Spanish, C; and English, C. History and English are 5 credit-hour courses, Statistics a 4
credit-hour course, and Spanish a 3 credit-hour course. If 4 grade points are assigned for an A,
3 for a B, and 2 for a C, what is the weighted mean grade for the semester? - ANS 2.76
The monthly amounts spent for food by families of four receiving food stamps approximates a
symmetrical, normal distribution. The sample mean is $150 and the standard deviation is $20.
Using the Empirical Rule, about 95% of the monthly food expenditures are between what two
amounts? - ANS $110 and $190
What is the relationship between the variance and the standard deviation? - ANS Variance is
the square of the standard deviation.
Which measure of dispersion disregards the algebraic signs (plus and minus) of each difference
between X and the mean? - ANS mean deviation
Which of the following measures of dispersion are based on deviations from the mean? - ANS
Correct - All Apply
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